On February 13, 2017, Mr. A. Joel Walton and Mr. Athanassios Reisopoulos resigned, for personal reasons, as directors of Box Ships Inc. effective immediately. In submitting their resignations, Messrs. Walton and Reisopoulos did not express any disagreement with the company on any matter relating to the company's operations, policies or practices. After the receipt of such resignations, the board of directors of the company reduced the size of the Board from five members to three members, leaving no vacancies on the Board.